Fri 14 Mar 2008
SuperSonics Reach Lease Agreement With Oklahoma City
Posted by Stephen Rhodes under Main
In what may be the beginning of the end of the Seattle SuperSonics’ time in the Northwest, the Associated Press is reporting that the team and city officials in Oklahoma City have reached a preliminary lease agreement on Ford Center, pending NBA approval of the Sonics’ relocation. The deal requires the team to pay $1.6 million annually for use of the Ford Center and reimburse $409,000 annually to replace revenue from naming rights. The deal also calls for a 15-year term, but has an exit clause after the sixth year if revenues fall from the first 2 years after renovations of Ford Center are completed.
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